Welp MagazineThe gaming industry saw a 14% increase in consumer spending in October 2020 to reach $10.6 billion. According to the research data analyzed and published by Safe Betting Sites, console spending had the fastest growth, outpacing the overall industry at 18%.
Based on the latest Newzoo forecast, console gaming is projected to grow to $51.2 billion, up from a previous forecast of $45.2 billion.
New Generation Xbox Series to Sell 3.8 Million Units in 2020 Against PS5’s 5 Million
Under the console segment, the combined revenue of PlayStation Now, Xbox Game Pass and EA Play soared by 142% year-over-year (YoY) in October 2020. Subscriber number similarly shot up by 113%.
Microsoft’s Xbox Game Pass accounted for most of the growth in revenue and subscriber numbers. However, according to IDC, Sony is expected to have the upper hand in console sales in 2020. While Xbox Series S and X sales are anticipated to reach 3.8 million units, PS 5 unit sales are projected to reach 5 million.
Sony’s strategy involves a focus on exclusive titles while Microsoft’s leans towards Game Pass subscriptions. According to Newzoo, console exclusives took the top 4 spots on the top 10 most played games as of November 15, 2020. For the Xbox, 50% of the top 10 most played games were part of Game Pass.
Moreover, in October 2020, consumer spend on mobile gaming increased by 15% and 10% on PC gaming. It is projected that mobile games will generate $86.3 billion in 2020, up from the previous forecast of $77.2 billion.
PC games will generate $37.4 billion up from the previously anticipated $36.9 billion. The gaming industry as a whole is expected to grow by 19.6% to reach $174.9 billion in 2020, $15.6 billion higher than previously expected. It is projected to grow at a 9.4% CAGR to reach $217.9 billion by 2023.
The full story, statistics and information can be found here: https://www.safebettingsites.com/2020/12/09/combined-revenue-for-top-3-console-subscription-services-shot-up-by-142-yoy/
